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Santander Injects €60 Million to Refloat First Brands Subsidiary
Value
€60M
Acquirer
Santander
Target
Novares (First Brands subsidiary)
Santander has injected €60 million to strengthen the solvency of Novares, a French car components group. Santander has taken control of Novares after the founder of First Brands defaulted on payments.
✦ Meridian Analysis
This is a completed debt-for-equity swap or a significant debt injection by Santander into Novares, a French car components group. Santander, as a lender, has taken control of Novares after the founder of First Brands defaulted on payments. The specific terms of the €60 million injection, the percentage of control Santander now holds, and the valuation implications are not disclosed.
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